UK Money News
13th February 2008
FSA planning mortgage fraud crackdown
The rising incidence of mortgage fraud has prompted a planned crackdown from the Financial Services Authority (FSA).
Over 200 separate cases involving mortgage scams are currently being investigated by the FSA.
These include small scale cons, known as fraud for property, in which consumers falsify salary information to secure a home they cannot afford, as well as large commercial scams involving brokers and professional criminals.
Now, in response to rising numbers of mortgage fraud-related crimes, the FSA is to launch the National Fraud Strategic Authority - a body which work towards making it easier for lenders to act against fraud.
News of the plans emerged in a speech given to the Council of Mortgage Lenders by Philip Robinson of the FSA’s financial crime and intelligence division.
Mr Robinson told the CML that the large sums of money to be made from large scams had seen the hitherto unseen involvement of "criminals who are involved in…drugs or people smuggling".
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